And there are signs that the US industrial engine is beginning to operate more efficiently, after having suffered significant damage during the financial crisis. Capacity utilization hit its highest level since March 2008.

Admittedly the Empire State Manufacturing Survey is of limited scope. (It looks only at New York state’s factories.) But it’s one of the earliest substantive reads on March in the economic data calendar. A number above 50 indicates expansion, and the March reading showed a jump back into growth territory.